The Fed announced it would not taper its $85 billion bond buying program, but that downside risks have reduced. The Fed says the economy is expanding at a moderate pace, with slight improvement in projections for the labor market and economic growth. The Fed is repeating its earlier statement that there will be no taper until the labor market has improved "substantially."

Inflation forecast for June is at 1%, down .5% from March.

Unemplyement foremast for 2013 is 7.25% down .15 from the last report.

Immediate Market Reaction: Equity and Gold are moving down, and the US dollar is moving up.